FX.co ★ Daily trading forecasts (March 15, 2013)

EURUSD: On this pair, there has been a noteworthy rally in the context of a downtrend. The Williams’ % Range has shot into the overbought region, but the EMA 11 is yet to cross the EMA 56 to the upside, neither has the price itself being able to close above the EMA 56. There is a requirement to wait for further confirmation before a new trade could be sought.

USDCHF: The scenario on USDCHF is almost similar to that of EURUSD in the opposite direction. There has been a significant bearish pull on the pair, and the Williams’ % Range has gone into the oversold region. The price has also crossed the EMA 56 to the downside and closed below it. As soon as the EMA 11 crosses the EMA 56 to the downside, a short trade would be opened.

GBPUSD: There has been a Bullish Confirmation Pattern signal on GBPUSD. The RSI period 14 has crossed the level 50 to the upside, and the EMA 11 is above the EMA 56. The price itself has crossed EMA 56 to the upside, closed above it and has continued to trade further upwards. A long trade is now preferable.

USDJPY: This week, this instrument has largely been range-trading. There has neither been a break above the resistance level of 96.50 nor a break below the supply level of 95.50. When a breakout occurs, it would probably be to the upside (for the bullish trend still exists).

EURJPY: Like USDJPY, the trend on this cross is also bullish. The indicators on the chart all support this outlook. This week, the price tested the resistance zone of 126.00, before pulling back a little. Right now, the price seems to be going back to test that resistance zone again.